Thirlwall's Law and Uneven Development
Thirlwall's analysis of balance-of-payments-constrained growth, and what has come to be called Thirlwall's Law, have usually been used to understand the determinants of growth for individual countries. This paper argues that another important use of Thirlwall's Law is to understand the mechanics of uneven development between rich and poor countries. To contribute to such an analysis the paper incorporates Thirlwall's analysis into a model of North-South trade to show how it explains uneven development. The paper also points to the need for empirical work necessary for relating Thirlwall's Law to uneven development, which is different from the work related to the law that has proliferated in recent years.
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Volume (Year): 24 (2002)
Issue (Month): 3 (April)
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- Taylor, Lance, 1981. "South-north trade and southern growth : Bleak prospects from the structuralist point of view," Journal of International Economics, Elsevier, vol. 11(4), pages 589-602, November.
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- Molana, Hassan H & Vines, David A, 1989. "North-South Growth and the Terms of Trade: A Model on Kaldorian Line s," Economic Journal, Royal Economic Society, vol. 99(396), pages 443-453, June.
- Robert E. Lucas, 2000. "Some Macroeconomics for the 21st Century," Journal of Economic Perspectives, American Economic Association, vol. 14(1), pages 159-168, Winter.
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